Minswap, Cardano’s first multi-pool decentralised exchange(DEX), has been the victim of a front-running attack. Front-running is the activity of obtaining advanced information on upcoming transactions via different techniques. Traders who commit to it may be able to earn risk-free gains. DEXs must devise novel defences against such assaults.
A Twitter user using the handle @CryptoVincenzio noted earlier today that a malicious actor was reportedly front-running orders and pocketing guaranteed gains. Minswap claimed in a tweet that it has begun looking into suspected front-running on the DEX.
We are aware and investigating possible front running on Minswap DEX and other DEXs. We are working on a fix to prevent it from happening again and we are working hard to finish that as soon as possible. The team will publish more information in the following hours.
— Minswap Labs (@MinswapDEX) December 8, 2022
“We are working hard to finalise a remedy to avoid it from occurring again,” the group tweeted. Minswap acknowledged the problem had been resolved in a subsequent statement. Because they can’t keep up with the user, the attacker has begun canceling freshly placed orders.
The issue is fixed now, we are monitoring the attacker now creating orders and canceling them because he can’t get ahead of the users.
Attacker Address: addr1v8ed5favus306qk82g7kvrqqx34lpayqeu6an3nzynfzwscjx5tsr
We’re working on a detailed report and we will publish it ASAP. https://t.co/wTI5hLHEBz
— Minswap Labs (@MinswapDEX) December 8, 2022
The Minswap is presently preparing a comprehensive report on the event. It is the most prevalent decentralised financial application on the Cardano blockchain, according to DefiLlama statistics, with a total value locked (TVL) of $28.45 million.
